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TO WHICH BANK DO WE NEED TO TRANSFER THE MONEY IF BENEFICIARY BANK, CORRESPONDENT BANK IS PROVIDED TO US BY THE VENDOR

December 6, 2010


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You need to transfer the money to the correspondent bank and quote the final beneficiary information (beneficiary bank, beneficiary name, account number and address) in the payment order. When the correspondent bank receives the payment, it will credit the account of the beneficiary bank and then the beneficiary bank will credit the account of your vendor.
This method is used for example when the beneficiary bank has no SWIFT code or cannot quickly facilitate international transactions. These are usually small banks. They have accounts with big banks, who act as correspondent banks to receive money on behalf of the small bank.

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